Halliburton Plans 8% Layoffs as Oil Revenues Drop

Halliburton Plans 8% Layoffs as Oil Revenues DropHalliburton Plans 8% Layoffs as Oil Revenues Drop

Facing the stark plunge in oil prices, oil field services giant Halliburton announced thousands of across-the-board job cuts Tuesday, Los Angeles Times reported.

The company said it anticipates laying off 6.5% to 8% of its global workforce, which amounts to 5,200 to 6,400 employees. The cuts will be “across all areas” of Halliburton’s operations, officials said.

The Houston company did not disclose whether any of the job cuts would affect its operations in California, where the company has roughly 600 employees.

“We value every employee we have, but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment,” Halliburton spokeswoman Chevalier Mayes said in an email.

The latest figures include the 1,000 jobs the company announced in December that it would cut, Mayes said.

At that time, company officials said they would “continue to monitor the business environment closely and will make adjustments ... as needed.”

The company said none of the planned layoffs are related to Halliburton’s pending purchase of competitor Baker Hughes.

Oil companies have cut nearly 22,000 jobs nationwide since the summer, when oil prices began plunging, according to outplacement firm Challenger, Gray & Christmas Inc.